Publications & Documents

Although rich in natural resources, the economy is centred on oil production and subsistence agriculture: almost all intermediate and consumer goods are imported. In the past year, oil production accounted for 99% of exports, 95% of government revenue and about one-half of GDP.

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The socio-economic indicators of Somalia remain very low. Somalia continues to be highly dependent on livestock production and exports with most exports going to Saudi Arabia. This reflects the country’s narrow economic base and consequent high vulnerability to external shocks.

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In 2014 South Africa’s growth continued to slow down, recording only 1.5%, the weakest performance since the global financial crisis. The nation’s economy was affected by its most protracted industrial action since the end of apartheid and significantly weak demand from trading partners.

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Though initially projected at 4.9%, growth in 2014 has been revised downwards at 4.5% because of the expected negative impacts of the Ebola virus outbreak on the tourism sector (0.2 percentage points of gross domestic product [GDP]) and of delayed rainfall on the agriculture sector (0.2 percentage points of GDP)

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Sao Tome and Príncipe achieved growth in real GDP of 4.9% in 2014, up from 4.0% in 2013, anchored by strict policy measures under the 2012-2015 Extended Credit Facility agreement with the IMF, and driven by expansion in services and agriculture.

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The economy has enjoyed sustained economic growth for a decade, with annual real GDP increasing by around 7%; it was 6.3% in 2014. The non-oil sector has been the main driver of growth, with services contributing about 57%

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Things looked brighter for Niger’s economy in 2014, with growth at 7.1%. This performance, following 4.1% growth in 2013, was driven mainly by agriculture, which enjoyed favourable weather, as well as by the construction sector and the transport and communications sector, both of which were buoyant.

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Namibia held off the global economic slowdown, posting growth rates above 5% since 2010. Recovery remains on course despite the winding down of official fiscal stimulus measures. Gross domestic product (GDP) growth accelerated to 5.3% in 2014 from 5.1% in 2013 with robust construction activity and high consumer demand.